India To Become $1 Trillion Digital Economy By 2028

India is on track to become a $1 trillion digital economy by 2028, driven by government initiatives, widespread internet access, and rapid adoption of 4G and 5G technologies.

With government's digital initiatives, India's financial ecosystem has undergone a paradigm shift over the last few years.

A recent report by Ask Capital says with enablers like deep internet penetration efficient and cheap 4G and 5G services along with government digital initiatives India is set to become a USD 1 trillion digital economy by 2028.

India has become a global example of real-time payments, benefiting from home grown technological innovations like UPI. India's digital transformation will be a game changer for the economic development.

Digitalisation of the Indian economy, along with the increasing use of smartphones in the past few years has propelled cashless transactions and online purchases.

According to the Indian Council for Research on International Economic Relations (ICRIER), India's score on digital prowess has surpasses that of developed nations such as Japan, the United Kingdom and Germany in the aggregate level of digitalisation.

Government initiatives like Pradhan Mantri Jan Dhan Yojana (PMJDY) and the Direct Benefit Transfer (DBT) schemes have helped in universal access and enhanced financial inclusion in the country.